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These days, finding an affordable place to live in the London area can be challenging. Home prices in London are now at a median cost of $250,460, lower than the California average of $648,235.
The average cost of rent is $959/mo in London, primarily driven by the current value of real estate in the London area. While nearly 53.20% of residents own their homes outright in London, 51.32% rent.
Housing affordability isn’t just about home prices, though. The average household income in London is $3,836 per month. Households that rent pay about 25.00% of their income on rent here. London's most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
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